Sri Trang reports “all-time-high” net profit

Bangkok – Sri Trang Agro-Industry Public Co. Ltd has seen strong growth in both its core business of natural rubber (NR) production and gloves manufacturing in the year 2021.

The company posted a 66.3% year-on-year increase in net profit to THB15.8 billion (€434.5 million), on 57% higher sales of THB118 billion, said a Sri Trang statement 17 Feb.

Revenue from the NR business came in at THB70.7 billion, up 58.6% compared to last year and accounting for 59.8% of total group revenue.

The company linked the increase to a “strong rebound in demand”, which helped volumes increase 25.4% year-on-year across all products to just under 1.3 million tonnes.

The growth, said the integrated NR company, was significantly higher than the global consumption increase of 9.4% during the year.

Sri Trang said its NR market share in 2021 increased to 10% of global NR consumption, up from 9% in the year before.

The company’s gloves business recorded THB47.5 billion in revenue, up 54.5% year-on-year and contributing over 40% of total sales.

Here, the average selling price rose 58.6% on the back of robust global demand.

Sales volume, meanwhile, decreased 2.6% as a result of the temporary suspension of production following an outbreak of Covid-19 in the second quarter of the year, as well as global shipping challenges.